Trump's Venezuela Oil Deal Slammed as 'Theft' by Top Economist
Economist Justin Wolfers has criticized President Donald Trump's Venezuelan oil deal, calling it 'theft' rather than imperialism or socialism. According to Wolfers, the deal is a result of ousting former President Nicolás Maduro and installing Delcy Rodríguez as interim president without her facing an election.
Wolfers pointed out that the oil belongs to the Venezuelan people and they never consented to the deal. The agreement grants North American Blue Energy Partners (NABEP) a century-long claim to 17 oil fields containing around 65 billion barrels in reserves, as part of what the White House called a 'historic oil agreement' to secure American energy dominance.
NABEP has planned to invest up to $100 billion in new Venezuelan oil infrastructure and pay an estimated $200 billion in royalties and taxes to the Venezuelan government over the first 25 years. The U.S. had about 46 billion barrels of proven crude oil and lease condensate reserves at the end of 2024, according to official data.
Despite the optimism around the deal, analysts have warned that it may not be as beneficial as it seems. GasBuddy analyst Patrick De Haan stated that U.S. refiners are already operating at near capacity and may not be able to process more oil from Venezuela.